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Kosmos Energy Announces Significant Gas Discovery Offshore Senegal

Kosmos Energy (NYSE: KOS) announced today that its Guembeul-1 exploration well, located in the northern part of the St. Louis Offshore Profond license area in Senegal, has made a significant gas discovery.

Located approximately five kilometers south of the basin-opening Tortue-1 gas discovery (renamed Ahmeyim) in approximately 2,700 meters of water, Guembeul-1 was drilled to a total depth of 5,245 meters. The well encountered 101 meters (331 feet) of net gas pay in two excellent quality reservoirs, including 56 meters (184 feet) in the Lower Cenomanian and 45 meters (148 feet) in the underlying Albian, with no water encountered. Importantly, Guembeul-1 has demonstrated reservoir continuity as well as static pressure communication with the Tortue-1 well in the Lower Cenomanian, suggesting a single, large gas accumulation. Moreover, the well has significantly de-risked adjacent prospectivity, including proving the existence of excellent quality reservoirs in the Albian. Furthermore, it has provided additional calibration of our seismic attribute exploration tool, confirming its reservoir and fluid predicative capability for these primary exploration targets.

Based on the integration of the Guembeul-1 well results, our Pmean gross resource estimate for the Tortue West structure has increased to 11 Tcf from 8 Tcf as a result of greater reservoir (net to gross) confidence in the Cenomanian, as well as the inclusion of volumes in the Albian. Accordingly, the Pmean gross resource estimate for the Greater Tortue Complex has increased to 17 Tcf from 14 Tcf.

Kosmos has also entered into a Memorandum of Understanding (MOU) signed by Pétroles du Sénégal (Petrosen) and Société Mauritanienne Des Hydrocarbures et de Patrimoine Minier (SMHPM), the national oil companies of Senegal and Mauritania, respectively, which sets out the principles for an intergovernmental cooperation agreement for the development of the cross-border Greater Tortue resource. The MOU enables Kosmos and the two governments to work together toward early development of the field, thereby maximizing value for all stakeholders.

“We are pleased to have delivered another major discovery with our first exploration well offshore Senegal. Guembeul-1 confirms the presence of a world class gas resource that extends into both Senegal and Mauritania. With our successful appraisal program and support of both governments, the initial gas development is gaining momentum,” said Andrew G. Inglis, chairman and chief executive officer. “The Guembeul-1 well continues our 100% success rate in the outboard Cretaceous petroleum system offshore Senegal and Mauritania, which we believe is a strategically important new oil and gas province and we are focused on unlocking the basin’s full potential.”

The Atwood Achiever drillship will now proceed to Mauritania to drill the Ahmeyim-2 delineation well in the southern part of Mauritania’s Block C-8. This will test the downdip limits of the field and is expected to complete appraisal of the Tortue West structure.

Kosmos holds a 60 percent interest in the Guembeul-1 well, along with Timis Corporation Limited at 30 percent and Petrosen at 10 percent. Since 2014, Kosmos has held rights to conduct exploration in the St. Louis Offshore Profond and Cayar Offshore Profond license areas under production sharing contracts with the Government of Senegal.

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